March 4 (Reuters) - Gold dipped on Monday to its lowest in more than five weeks as the dollar and equities prices rose on optimism about a possible trade deal between the United States and China, while platinum shed 3 percent as investors took profits from a recent rally.

The world’s two largest economies appeared close to a deal that would roll back U.S. tariffs on at least $200 billion worth of Chinese goods, a source briefed on negotiations said on Sunday.

Spot gold was down 0.5 percent at $1,286.94 per ounce at 2:15 p.m. EST (1915 GMT). During the session gold fell as low as $1,282.50, its lowest since Jan. 25.

U.S. gold futures fell for the sixth straight session, settling down 0.9 percent at $1,287.5 per ounce.

“There is a risk-on (sentiment) in the markets with the positive U.S.-China talk, so gold is naturally pulling back on strong equities, strong dollar and good geopolitical news,” said Bob Haberkorn, senior market strategist at RJO Futures.

U.S. President Donald Trump and Chinese President Xi Jinping could reach a formal trade deal at a summit around March 27, the Wall Street Journal reported on Sunday.

The dollar index measuring the greenback against other currencies rose to a 10-day high. Rising U.S. Treasury yields boosted demand for the currency.

“It seems that investors’ appetite for gold has suddenly vanished,” ActivTrades chief analyst Carlo Alberto De Casa said in a note. “From a technical point of view, the fall below $1,300 is making space for further declines.”